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|
MIRA INFORM REPORT
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Report No. : |
498202 |
|
Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
RUCHI SOYA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Ruchi House, Royal Palms, Survey No. 169, Aarey Milk Colony,
Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra |
|
Tel. No.: |
91-22-39388200 |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2017 |
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|
|
Date of
Incorporation : |
06.01.1986 |
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|
|
|
Com. Reg. No.: |
11-038536 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 652.941 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15140MH1986PLC038536 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388133252 |
|
|
|
|
GSTN : [Goods & Service Tax Registration
No.] |
27AAACR2892L1ZY |
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TIN No.: |
27160000442 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACR2892L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use, also produces oil meal, food products from soya and value added products from downstream and upstream processing, and also engaged in trading in various products and generation of power from wind energy. [Registered Activity] |
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|
|
|
No. of Employees
: |
3133 (Approximately) |
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1986. It is having moderate track records. It is engaged in crushing of oil seeds and extraction/refining of edible oil along with manufacturing of related products such as soya meal, soya lecithin, vanaspati and textured proteins. It is also engaged in import/export as well as domestic trading of various agri-commodities. For the financial year 2017, the company has sharply declined in its revenue from operations as compared to previous year and reported heavy losses. Rating constrained on account of weak financial risk profile of the company marked by deterioration in its operational and financial performance. Rating is constrained on account of huge of borrowings recorded by the company which can be threat to its liquidity position. Further, as per indirect sources we could find that company has delays in servicing of debt obligations on account of its stressed liquidity on the back of huge loss posted in FY16 and refers the company to the National Company Law Tribunal for insolvency proceedings. It is also to be noted that the company is listed with RBI defaulter and defaulted hefty amount. Payments terms are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on fully safe and secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating= D (Issuer Non-Cooperative) |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
20.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating= D (Issuer
Non-Cooperative) |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
20.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under:
Suit-filed accounts of INR 10.000 million and above as on
16.03.2018
Search Details
Borrower Containing – Ruchi Soya
|
Bank |
Branch |
Quarter |
Borrower Name |
Registered
Address |
Director
Name--DIN no. Detail |
Outstanding
Amount (INR
in million) |
|
DEVELOPMENT BANK OF SINGAPORE |
MUMBAI |
31-12-16 |
214, TULSIANI CHAMBERS,NARIMAN POINT |
KAILASHCHANDRA SHAHRA--00062698, VIJAY KUMAR JAIN--00098298, NAVIN KHANDELWAL--00134217, DINESH CHANDRA SHAHRA--00533055, MURUGAN NAVAMANI--01309393, PRABHU DAYAL DWIVEDI--02114285, MEERA DINESH RAJDA--07130303 |
285.500 |
|
|
DEVELOPMENT BANK OF SINGAPORE |
MUMBAI |
31-03-17 |
214, TULSIANI CHAMBERS,NARIMAN POINT |
KAILASHCHANDRA SHAHRA--00062698, VIJAY KUMAR JAIN--00098298, NAVIN KHANDELWAL--00134217, DINESH CHANDRA SHAHRA--00533055, MURUGAN NAVAMANI--01309393, PRABHU DAYAL DWIVEDI--02114285, MEERA DINESH RAJDA--07130303 |
285.500 |
|
|
DEVELOPMENT BANK OF SINGAPORE |
MUMBAI |
30-06-17 |
214, TULSIANI CHAMBERS,NARIMAN POINT |
KAILASHCHANDRA SHAHRA--00062698, VIJAY KUMAR JAIN--00098298, NAVIN KHANDELWAL--00134217, DINESH CHANDRA SHAHRA--00533055, MURUGAN NAVAMANI--01309393, PRABHU DAYAL DWIVEDI--02114285, MEERA DINESH RAJDA--07130303 |
285.500 |
|
|
DEVELOPMENT BANK OF SINGAPORE |
MUMBAI |
30-09-17 |
214, TULSIANI CHAMBERS,NARIMAN POINT |
KAILASHCHANDRA SHAHRA--00062698, VIJAY KUMAR JAIN--00098298, NAVIN KHANDELWAL--00134217, DINESH CHANDRA SHAHRA--00533055, MURUGAN NAVAMANI--01309393, PRABHU DAYAL DWIVEDI--02114285, MEERA DINESH RAJDA--07130303 |
285.500 |
|
|
DEVELOPMENT BANK OF SINGAPORE |
MUMBAI |
31-12-17 |
214, TULSIANI CHAMBERS,NARIMAN POINT |
KAILASHCHANDRA SHAHRA--00062698, VIJAY KUMAR JAIN--00098298, NAVIN KHANDELWAL--00134217, DINESH CHANDRA SHAHRA--00533055, MURUGAN NAVAMANI--01309393, PRABHU DAYAL DWIVEDI--02114285, MEERA DINESH RAJDA--07130303 |
285.500 |
|
|
DEVELOPMENT BANK OF SINGAPORE |
MUMBAI |
31-12-16 |
214, TULSIANI CHAMBERS,NARIMAN POINT |
KAILASHCHANDRA SHAHRA--00062698, VIJAY KUMAR JAIN--00098298, NAVIN KHANDELWAL--00134217, DINESH CHANDRA SHAHRA--00533055, MURUGAN NAVAMANI--01309393, PRABHU DAYAL DWIVEDI--02114285, MEERA DINESH RAJDA--07130303 |
285.500 |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 17.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date. The details of the listing are as under :
|
Date of Listing / Announcement : |
15.12.2017 |
|
Name of Company : |
Ruchi Soya Industries Limited |
|
Name of Applicant : |
-- |
|
Name of Insolvency Professional : |
Ruchi Soya Industries Limited |
|
Address of Insolvency Professional : |
3rd Floor, Worldmark 1, IGI
Airport Hospitality District, Aerocity, New Delhi – 110037, India |
|
Reason for Listing : |
Corporate Insolvency Resolution Process |
INFORMATION DENIED
Management Non-Cooperative (91-9967852427)
LOCATIONS
|
Registered Office : |
Ruchi House, Royal Palms, Survey No. 169, Aarey Milk
Colony, Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra,
India |
|
Tel. No.: |
91-22-39388200 |
|
Fax No.: |
91-22-22837525/ 22042865 |
|
E-Mail : |
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|
Website : |
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|
Location: |
Owned |
|
Locality: |
Industrial |
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|
|
|
Head
Office/ Administrative Office
: |
301, Mahakosh House, 7/5 South
Tukoganj, Nath Mandir Road, Indore – 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2513281/
282/ 283 |
|
Fax No.: |
91-731-4065019/
2527250 |
|
|
|
|
Corporate Office : |
614, Tulsiani Chambers, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Branch Office: |
408, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India |
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|
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Factory 1 : |
Survey No.217/1, Village Mityhirohar, Taluka Gandhidham,
Kutch, Gandhidham – 370201, |
|
Tel No.: |
91-2836-645672/73 |
|
Fax No.: |
91-2836-286509/286473 |
|
|
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Factory 2 : |
Mangliagaon,
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Factory 3 : |
Baikampady
Industrial Area, Mangalore, |
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Factory 4 : |
Village
Esambe, Taluka Khalapur, District Raigad, |
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Factory 5 : |
Bijoyramchak,
Ward No. 9, P.O. Durgachak, Haldia, West |
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Factory 6 : |
Village
Butibori, Tehsil Nagpur, |
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Factory 7 : |
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Factory 8 : |
Village
Kamati, Gadarwada, District Narsinghpur, |
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Factory 9 : |
Gram
Mithi Rohar, Taluka Gandhidham, District Bhuj, |
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Factory 10 : |
Kannigaiper
Village, Uthukottai Taluk, Thiruvallur District, Tamilnadu, India |
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Factory 11 : |
RIICO
Udyog Vihar, Sriganganagar, |
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Factory 12 : |
RIICO
Industrial Area, Govindpur Bawari, Post Talera District, Bundi, |
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Factory 13 : |
Kusmoda,
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Factory 14 : |
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Factory 15 : |
Rani
Piparia, District Hoshangabad, |
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Factory 16 : |
SIDCO
Industrial Estate, |
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Factory 17 : |
Village
Daloda, District Mandsaur, |
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Factory 18 : |
Survey
No. 178, |
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Factory 19 : |
Bapulapadu
Mandal, |
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Factory 20 : |
IDA,
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Factory 21 : |
Village Karanpura, Durgawati,
District Kaimur, Bihar, India |
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Factory 22 : |
Survey No. 162 and 163,
Bhuvad, Talluka- Anjar, District Kutch, Gujarat, India |
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|
Factory 23 : |
KIADB Industrial
Area, Survey No 2 (P), Manglore – 575010, Karnataka, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Kailashchandra Shahra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Dinesh Chandra Shahra |
|
Designation : |
Managing Director |
|
Address : |
Sharda Building, Flat No. 2A, Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Date of Birth/Age : |
14.07.1952 |
|
Qualification : |
B. E. (Chemical Engineer) |
|
Date of Appointment : |
07.01.1986 |
|
PAN No.: |
AACHD3089G |
|
DIN No.: |
00533055 |
|
|
|
|
Name : |
Mr. Vijay Kumar Jain |
|
Designation : |
Whole-Time Director |
|
Address : |
C-119, Ground Floor, Sun City Sector – 54, Gurugram – 122002, Haryana,
India |
|
Date of Birth/Age : |
03.10.1957 |
|
Date of Appointment : |
27.07.2009 |
|
PAN No.: |
AAIPJ2722L |
|
DIN No.: |
00098298 |
|
|
|
|
Name : |
Mr. Murugan Navamani |
|
Designation : |
Director |
|
Address : |
No 2 CP, Ramasamy Road, Alwarpet Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
24.05.1946 |
|
Date of Appointment : |
26.09.2014 |
|
DIN No.: |
01309393 |
|
|
|
|
Name : |
Mr. Navin Khandelwal |
|
Designation : |
Director |
|
Address : |
5/1, Saket, Nagar, Indore – 452018, Madhya Pradesh, India |
|
Date of Birth/Age : |
22.04.1973 |
|
Date of Appointment : |
26.09.2014 |
|
DIN No.: |
00134217 |
|
|
|
|
Name : |
Ms. Meera Dinesh Rajda |
|
Designation : |
Director |
|
Address : |
Row House No. 5, Konark Arcade 76, Viman Nagar, Pune - 411014, Maharashtra, India |
|
Date of Appointment : |
26.03.2015 |
|
DIN No.: |
07130303 |
KEY EXECUTIVES
|
Name : |
Mr. Ramji Lal Gupta |
|
Designation : |
Company Secretary |
|
Address : |
8, Regency Priya Darshani, Khajrana Circle, Indore – 452001, Madhya
Pradesh, India |
|
Date of Birth/Age : |
10.06.1962 |
|
Date of Appointment : |
01.12.1993 |
|
PAN No.: |
AENPG4648H |
|
|
|
|
Name : |
Mr. Anil Singhal |
|
Designation : |
Chief Financial Officer |
|
Address : |
G-11, Dadhichi Chauraha, Vigyan Nagar, Rajendra Nagar,
Indore – 452012, Madhya Pradesh, India |
|
Date of Appointment : |
13.09.2016 |
|
PAN No.: |
AYJPS7955D |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
191375142 |
57.28 |
|
(B) Public |
142725580 |
42.72 |
|
Grand Total |
334100722 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
29729734 |
8.90 |
|
Neha Shahra |
5450 |
0.00 |
|
Ankesh Shahra |
3362921 |
1.01 |
|
Kailash Chandra
Shahra |
198500 |
0.06 |
|
Umesh Shahra |
548860 |
0.16 |
|
Kailash Chandra
Shahra (HUF) |
85500 |
0.03 |
|
Mamta Khandelwal |
6500 |
0.00 |
|
Amrita Shahra |
2621354 |
0.78 |
|
Vishesh Shahra |
115300 |
0.03 |
|
Bhavna Goel |
100000 |
0.03 |
|
Santosh Shahra
(HUF) |
651340 |
0.19 |
|
Mridula Devi
Shahra |
992055 |
0.30 |
|
Nitesh Shahra |
5987353 |
1.79 |
|
Dinesh Chandra
Shahra |
2111383 |
0.63 |
|
Abha Devi Shahra |
3828926 |
1.15 |
|
Amisha Shahra |
3032570 |
0.91 |
|
Sarvesh D Shahra |
5406872 |
1.62 |
|
Usha Shahra |
674850 |
0.20 |
|
Any Other
(specify) |
161645408 |
48.38 |
|
Suresh Chandra Santosh
Kumar Shahra (Trustee of Manhakosh Family Trust) |
88840 |
0.03 |
|
Dinesh Khandelwal
(Trustee of Disha Foundation Trust) |
26000000 |
7.78 |
|
Dinesh Shahra
(Holding on behalf of Disha Foundation Trust) |
24940350 |
7.46 |
|
Dinesh Shahra (Trustee
of Ruchi Soya Industries Limited Beneficiary Trust) |
7630115 |
2.28 |
|
Umesh Shahra
(Trustee of Shashwat Trust) |
1248983 |
0.37 |
|
Shahra Securities
Private limited |
175000 |
0.05 |
|
APL International
Private Limited |
7121805 |
2.13 |
|
Mahakosh Holdings
Private Limited |
2511906 |
0.75 |
|
Ruchi
Infrastructure Limited |
8259625 |
2.47 |
|
Soyumm Marketing
Private Limited |
45635159 |
13.66 |
|
Ruchi Global
Limited |
731330 |
0.22 |
|
Ruchi Acroni
Industries Limited |
2617075 |
0.78 |
|
National Steel
Industries Limited |
207500 |
0.06 |
|
Ruchi Infotech
Limited |
166665 |
0.05 |
|
Spectra Realties
Private Limited |
18400000 |
5.51 |
|
Evershine
Oleochem Limited |
2500000 |
0.75 |
|
Shahra Brothers
Private Limited |
2931400 |
0.88 |
|
Mahakosh Papers
Private Limited |
787875 |
0.24 |
|
Shahra Estate
Private Limited |
1012610 |
0.30 |
|
Arandi
Investments Private Limited |
8679170 |
2.60 |
|
Sub Total A1 |
191375142 |
57.28 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
191375142 |
57.28 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
25500 |
0.01 |
|
Financial
Institutions/ Banks |
495094 |
0.15 |
|
Any Other
(specify) |
1500 |
0.00 |
|
Foreign
Insititutional Investor |
1500 |
0.00 |
|
Sub Total B1 |
522094 |
0.16 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
Central
Government/ State Government(s)/ President of India |
568949 |
0.17 |
|
Sub Total B2 |
568949 |
0.17 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
46005276 |
13.77 |
|
Individual share
capital in excess of INR 0.200 million |
5211756 |
1.56 |
|
Any Other
(specify) |
90417505 |
27.06 |
|
Trusts |
250 |
0.00 |
|
NRI |
2438178 |
0.73 |
|
Overseas
corporate bodies |
12495110 |
3.74 |
|
Clemfield
Industries Limited |
4001080 |
1.20 |
|
Merdale Invtt Co.
Ltd |
4249645 |
1.27 |
|
Clearing Members |
3314396 |
0.99 |
|
HUF |
3095101 |
0.93 |
|
Overseas
corporate bodies |
40539237 |
12.13 |
|
Elara India
Opportunities Fund Limited |
13864097 |
4.15 |
|
Sawit Plantation
Pte Ltd |
19607913 |
5.87 |
|
ESOP or ESOS or
ESPS |
479564 |
0.14 |
|
Bodies Corporate |
28055669 |
8.40 |
|
Adroit Fin Ser
Pvt Ltd |
3455849 |
1.03 |
|
Sub Total B3 |
141634537 |
42.39 |
|
B=B1+B2+B3 |
142725580 |
42.72 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use, also produces oil meal, food products from soya and value added products from downstream and upstream processing, and also engaged in trading in various products and generation of power from wind energy. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3133 (Approximately) |
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Bankers : |
· Axis Bank Limited · Bank of Baroda · Bank of India · Bank of Maharashtra · Central Bank of India · Corporation Bank · Dena Bank · ICICI Bank Limited · IDBI Bank Limited · Oriental Bank of Commerce · Punjab National Bank · State Bank of India · Syndicate Bank · The Karur Vysya Bank Limited · UCO Bank · Union Bank of India |
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Facilities : |
|
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Auditors : |
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|
Name : |
P. D. Kunte and Company Chartered Accountants |
|
Address : |
205/206, Turf Estate, Shakti Mills Lane, Off Dr. E. Moses Road, Mumbai
– 400011, Maharashtra, India |
|
Tel. No.: |
91-22-24903751/ 24903752/ 24903753 |
|
Fax No.: |
91-22-24903754 |
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E-Mail : |
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Cost Auditors : |
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|
Name : |
K.G. Goyal and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary : |
· Ruchi Worldwide Limited · RSIL Holdings Pvt. Ltd. · Mrig Trading Pvt. Limited |
|
|
|
|
Trust : |
· RSIL Beneficiary Trust |
|
|
|
|
Step-down Subsidiary : |
· Ruchi Agri Trading Pte. Limited, Singapore |
|
|
|
|
Associate of Subsidiary : |
· Ruchi Hi-rich Seeds Private Limited ·
GHI Energy Private Limited |
|
|
|
|
Joint Venture : |
· Ruchi J-Oil Private Limited · Indian Oil Ruchi Biofuels LLP |
|
|
|
|
The entity is controlled or jointly
controlled by a person identified in Name of persons/entities : |
· Shahra Brothers Private Limited · Mahadeo Shahra & Sons · High Tech Realty Private Limited · Disha Foundation Trust · Mahakosh Holdings Private Limited · Shahra Estate Private Limited · Ruchi Biofuels Private Limited · Dinesh Shahra HUF · Kailash Shahra HUF · Suresh Shahra HUF · Santosh Shahra HUF · Ruchi Infrastructure Limited (upto 08.04.2016) · Mahadeo Shahra Sukrat Trust |
CAPITAL STRUCTURE
AS ON 31.03.2017
a)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1010250000 |
Equity Shares |
INR 2/- each |
INR 2020.500 Million |
|
|
|
|
|
b)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
334100722 |
Equity Shares |
INR 2/- each |
INR 668.201
Million |
|
|
Less: 76,30,115 Treasury Equity Shares |
|
INR 15.260
Million |
|
|
|
|
|
|
|
Total |
|
INR 652.941 Million |
c)
Rights,
Preferences and Restrictions attached to shares
Equity Shares: The Company has one class of equity shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
d)
Lock
in Restrictions
None of the shares are subject to lock in restrictions.
e) Details of shares held by shareholders
holding more than 5% shares in the Company.
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
EQUITY SHARES |
|
|
|
Disha Foundation Trust |
50940350 |
15.25 |
|
Dinesh Shahra (HUF) |
-- |
-- |
|
Soyumm Marketing Private Limited |
45635159 |
13.66 |
|
Spectra Realities Private Limited |
18400000 |
5.51 |
|
Sawit Plantations Pte Limited |
19612913 |
5.87 |
f) For the period of five years immediately
preceding the date as at which the Balance Sheet is prepared:
(a) Aggregate number and class of shares alloted as fully paid-up pursuant to contract (s) without payment being received in cash: Nil
(b) Aggregate number and class of shares alloted as fully paid-up by way of bonus shares: Nil
(c) Aggregate number and class of shares bought back: Nil
g) For shares reserved for issue under options
h) For reconciliation of number of shares outstanding at the beginning and at the end of the year - Refer Note (a) of Statement of Changes in Equity (SOCIE).
i) Pursuant to Schemes u/s. 391-394, of then applicable The Companies Act, 1956 approved by the Hon’ble High Court of judicature at Mumbai and Delhi in an earlier year, 76.30 Lakh. Equity shares of the Company are held by a Trust for the benefit of the Company and its successor. The Cost of acquition of these treasury shares has been netted of from the Equity Shares Capital and Securities premium reserve as per the provisions of Ind AS. The Dividend of earlier period received by the Trust in respect of these shares is included under the head ‘Dividend’ under ‘Other Income’.
j) Shares alloted under Employee Stock Option Plan Scheme, 2007 as modified from time to time
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
652.941 |
652.941 |
688.121 |
|
(b) Reserves & Surplus |
9584.121 |
24081.120 |
21388.080 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10237.062 |
24734.061 |
22076.201 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
606.175 |
623.833 |
7000.213 |
|
(b) Deferred tax liabilities (Net) |
4453.595 |
8153.100 |
2580.023 |
|
(c) Other long term
liabilities |
79.932 |
1000.622 |
2039.496 |
|
(d) long-term
provisions |
0.000 |
23.264 |
31.887 |
|
Total Non-current
Liabilities (3) |
5139.702 |
9800.819 |
11651.619 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
45559.208 |
44159.124 |
25483.283 |
|
(b) Trade
payables |
51807.032 |
59836.703 |
61762.602 |
|
(c) Other
current liabilities |
19731.306 |
25870.004 |
17340.065 |
|
(d) Short-term
provisions |
84.963 |
120.747 |
319.625 |
|
Total Current
Liabilities (4) |
117182.509 |
129986.578 |
104905.575 |
|
|
|
|
|
|
TOTAL |
132559.273 |
164521.458 |
138633.395 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
39801.484 |
41190.977 |
23776.020 |
|
(ii)
Intangible Assets |
15169.508 |
15177.088 |
29.282 |
|
(iii)
Capital work-in-progress |
291.626 |
420.204 |
1001.674 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
877.825 |
1448.083 |
2818.279 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
655.901 |
733.339 |
1352.401 |
|
(e) Other
Non-current assets |
1243.135 |
1173.033 |
2.607 |
|
Total Non-Current
Assets |
58039.479 |
60142.724 |
28980.263 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
10.859 |
8.981 |
4.705 |
|
(b)
Inventories |
12388.556 |
23581.535 |
30594.618 |
|
(c) Trade
receivables |
50752.811 |
63768.208 |
59811.688 |
|
(d) Cash and
cash equivalents |
1435.598 |
1410.323 |
5240.348 |
|
(e)
Short-term loans and advances |
111.909 |
980.041 |
12723.455 |
|
(f) Other
current assets |
9820.061 |
14629.646 |
1278.318 |
|
Total
Current Assets |
74519.794 |
104378.734 |
109653.132 |
|
|
|
|
|
|
TOTAL |
132559.273 |
164521.458 |
138633.395 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
185268.974 |
276923.867 |
283079.584 |
|
|
|
|
Other Income |
934.820 |
1127.935 |
1036.563 |
|
|
|
|
TOTAL |
186203.794 |
278051.802 |
284116.147 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
104194.244 |
145757.381 |
159805.748 |
|
|
|
|
Purchase of Stock-in-trade |
57831.109 |
107101.827 |
98013.718 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
3022.521 |
2998.796 |
1481.360 |
|
|
|
|
Employee Benefits Expenses |
1866.704 |
2103.929 |
2014.910 |
|
|
|
|
Provision for Doubtful Debts and advances [Including Bad Debts written off] |
13029.747 |
2545.143 |
0.000 |
|
|
|
|
Exceptional Items |
(449.040) |
(23.897) |
(649.243) |
|
|
|
|
Other Expenses |
13130.129 |
16403.132 |
16540.082 |
|
|
|
|
TOTAL |
192625.414 |
276886.311 |
277206.575 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(6421.620) |
1165.491 |
6909.572 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
8322.127 |
12204.337 |
4623.254 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(14743.747) |
(11038.846) |
2286.318 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
1560.555 |
1602.228 |
1480.094 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
(16304.302) |
(12641.074) |
806.224 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
(3732.324) |
(2025.248) |
196.945 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
(12571.978) |
(10615.826) |
609.279 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B value of Export |
NA |
20128.850 |
41537.925 |
|
|
|
|
F.O.B value of Merchandise trade |
NA |
28164.010 |
18729.873 |
|
|
|
TOTAL EARNINGS |
NA |
48292.860 |
60267.798 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Purchase of Oil |
NA |
99104.368 |
104484.138 |
|
|
|
|
Purchases for Merchandise exports |
NA |
21052.323 |
12066.468 |
|
|
|
|
Purchase of Consumables/packing materials |
NA |
56.780 |
43.250 |
|
|
|
TOTAL IMPORTS |
NA |
120213.471 |
116593.856 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
|
|
|
||
|
|
-
Basic (Before Exceptional and Extraordinary
items) |
(45.79) |
(34.04) |
0.31 |
||
|
|
-
Diluted (After Exceptional and Extraordinary items) |
(44.41) |
(33.97) |
1.82 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities
of Long term debt |
|
|
|
|
From Banks |
2249.570 |
4076.454 |
3904.630 |
|
From State Government |
15.109 |
73.218 |
46.035 |
|
Total |
2264.679 |
4149.672 |
3950.665 |
|
|
|
|
|
|
Cash generated from operations |
5965.120 |
(533.354) |
(2664.993) |
|
Net cash flows from operating activities |
5864.308 |
(903.421) |
(2706.986) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
32612.080 |
30887.630 |
30248.350 |
|
Total Expenditure |
35139.670 |
59055.960 |
46481.670 |
|
PBIDT (Excluding Other Income) |
(2527.590) |
(28168.330) |
(16233.320) |
|
Other income |
189.700 |
34.740 |
251.090 |
|
Operating Profit |
(2337.890) |
(28133.590) |
(15982.230) |
|
Interest |
1969.310 |
2994.840 |
3233.160 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(4307.200) |
(31128.430) |
(19215.390) |
|
Depreciation |
352.050 |
355.410 |
350.700 |
|
Profit Before Tax |
(4659.250) |
(31483.840) |
(19566.090) |
|
Tax |
(1796.870) |
(2656.730) |
(0.100) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(2862.380) |
(28827.110) |
(19565.990) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(2862.380) |
(28827.110) |
(19565.990) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
99.99 |
84.05 |
77.12 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.65 |
4.34 |
4.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
116.71 |
86.37 |
87.44 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.52) |
0.05 |
0.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.12) |
0.02 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.91 |
0.82 |
0.84 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
4.73 |
1.98 |
1.65 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
11.45 |
5.26 |
4.75 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
5.40 |
2.30 |
1.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(0.77) |
0.10 |
1.49 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(6.79) |
(3.83) |
0.22 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(9.48) |
(6.45) |
0.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(122.81) |
(42.92) |
2.76 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.64 |
0.80 |
1.05 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.53 |
0.62 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.08 |
0.15 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
74.17 |
74.94 |
52.95 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.64 |
0.80 |
1.05 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 18.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
688.121 |
652.941 |
652.941 |
|
Reserves & Surplus |
21388.080 |
24081.120 |
9584.121 |
|
Net
worth |
22076.201 |
24734.061 |
10237.062 |
|
|
|
|
|
|
Long-Term Borrowings |
7000.213 |
623.833 |
606.175 |
|
Short Term Borrowings |
25483.283 |
44159.124 |
45559.208 |
|
Current Maturities of Long term debt |
3950.665 |
4149.672 |
2264.679 |
|
Total
borrowings |
36434.161 |
48932.629 |
48430.062 |
|
Debt/Equity
ratio |
1.650 |
1.978 |
4.731 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
283079.584 |
276923.867 |
185268.974 |
|
|
|
(2.175) |
(33.098) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
283079.584 |
276923.867 |
185268.974 |
|
Profit/(Loss) |
609.279 |
(10615.826) |
(12571.978) |
|
|
0.22% |
(3.83%) |
(6.79%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
652.941 |
652.941 |
|
(b) Reserves &
Surplus |
|
8648.505 |
23669.911 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
-
Non-controlling interest |
|
(1092.683) |
(583.890) |
|
Total Shareholders’ Funds
(1) + (2) |
|
8208.763 |
23738.962 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
797.214 |
831.756 |
|
(b) Deferred tax
liabilities (Net) |
|
4458.160 |
7880.833 |
|
(c) Other long term
liabilities |
|
155.512 |
1083.814 |
|
(d) long-term provisions |
|
0.299 |
23.677 |
|
Total Non-current
Liabilities (3) |
|
5411.185 |
9820.080 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
52512.433 |
50060.988 |
|
(b) Trade payables |
|
48870.734 |
62760.434 |
|
(c) Other current
liabilities |
|
20221.229 |
25977.153 |
|
(d) Short-term provisions |
|
85.132 |
120.788 |
|
Total Current Liabilities
(4) |
|
121689.528 |
138919.363 |
|
|
|
|
|
|
TOTAL |
|
135309.476 |
172478.405 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
40150.239 |
41525.299 |
|
(ii) Intangible Assets |
|
15169.508 |
15177.101 |
|
(iii) Capital
work-in-progress |
|
291.626 |
420.204 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
565.637 |
879.513 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
655.901 |
733.339 |
|
(e) Other Non-current
assets |
|
1282.150 |
1311.689 |
|
Total Non-Current Assets |
|
58115.061 |
60047.145 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
10.859 |
8.981 |
|
(b) Inventories |
|
12391.195 |
24810.247 |
|
(c) Trade receivables |
|
52846.534 |
68194.035 |
|
(d) Cash and cash
equivalents |
|
1603.945 |
3131.775 |
|
(e) Short-term loans and
advances |
|
114.960 |
1018.959 |
|
(f) Other current assets |
|
10226.922 |
15267.263 |
|
Total Current Assets |
|
77194.415 |
112431.260 |
|
|
|
|
|
|
TOTAL |
|
135309.476 |
172478.405 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
191728.885 |
302404.882 |
|
|
Other Income |
|
1075.989 |
971.278 |
|
|
TOTAL |
|
192804.874 |
303376.160 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
104195.929 |
126233.309 |
|
|
Purchases of
Stock-in-Trade |
|
63910.492 |
151329.144 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
3366.782 |
2951.212 |
|
|
Employees benefits
expense |
|
1932.059 |
2244.535 |
|
|
Provision for Doubtful
Debts and advances [Including Bad Debts written off] |
|
13154.008 |
2544.847 |
|
|
Share of Net
Profit/(Loss) of Associates |
|
7.760 |
59.391 |
|
|
Minority Interest |
|
(508.793) |
(388.995) |
|
|
Exceptional Items |
|
(332.819) |
(23.898) |
|
|
Other expenses |
|
13020.122 |
16685.701 |
|
|
TOTAL |
|
198745.540 |
301635.246 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
|
(5940.666) |
1740.914 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
9329.062 |
13611.684 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(15269.728) |
(11870.770) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
1588.740 |
1666.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(16858.468) |
(13537.590) |
|
|
|
|
|
|
|
Less |
TAX |
|
(3741.705) |
(801.558) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(13116.763) |
(12736.032) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
|
|
|
|
|
|
-
Basic (Before Exceptional and Extraordinary
items) |
|
(47.10) |
(40.53) |
|
|
-
Diluted (After Exceptional and Extraordinary items) |
|
(46.08) |
(40.46) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a Public Limited Company engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The Company is also engaged in trading in various products and generation of power from wind energy. The Company has manufacturing plants across India and is listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). The Company’s registered office is at Ruchi House, Royal Palms, Survey No. 169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (E), Mumbai – 400065, Maharashtra.
OPERATIONS AND STATE OF AFFAIRS
During the year, the total revenue of the Company was INR 186203.800 million as against INR 278051.800 million during the previous financial year. The Company has incurred loss after tax of INR 12572.000 million as compared to loss after tax of INR 10615.800 million during the previous year. The performance for the year was primarily impacted due to stretched working capital cycle, lower level of liquidity impacting capacity utilization and business operations.
The performance of the company has been adversely affected during the last couple of years on account of factors beyond the control of the company. The company is primarily engaged in Agro commodities/commodities sector which are heavily subject to the vagaries of nature. With continuous drought during the last few years throughout the country, the crop output/area under cultivation was significantly reduced which in turn reduced the capacity utilisation of the company. The company was adversely affected with the high volatility in prices in commodity markets globally in the last two years. Coupled with the above factors, the commercial disparity in operation and poor offtake/demand in export markets also further impacted the top line and bottom line of the company.
Due to the weak economic outlook, the realisation of debtors are delayed with rising finance costs/inadequate working capital for operations leading to stress in the cash flows. The Board after undertaking a detailed analysis on the operating parameters/ performance and taking into account the overall debt position of the company along with the various steps undertaken for improvement of performance is confident/optimistic that the Company would be able to implement effective measures in normal course of business to revive and strengthen the operations of the Company. Accordingly, the financial statements for the Financial Year 2016-17 have been prepared on a going concern basis.
A Techno Economic Viability study of the company was carried out on the directions of the lenders to the company during the year. The outcome of the study showed that the company can earn satisfactory operating cash flows based on the strong brand position of the company in the markets, goodwill, long standing in the FMCG sector, Intrinsic value of the brands and the experience of the promoters/management in this business. The company has been actively in discussions with the lenders in finding a viable long term solution on debt structuring in line with the earnings potential.
Accordingly, the lenders had discussed to invoke a Strategic Debt Restructuring scheme as per the RBI Guidelines on the company. However, the same could not materialise due to want of majority requirement for implementation of the said scheme. Subsequently the company and lenders have been in active discussions in finding a viable long term solution for debt restructuring of the company.
A Steering Committee comprising of major lenders was formed to discuss various possible alternatives for a long term viable solution for the structuring of the debts of the company as well as a long term solution in the interest of all the stakeholders.
The discussions with the lenders are progressing at regular intervals and considering the viable debt restructuring solution that can be reached upon, the financial statements with the notes accompanying the financial statements have been prepared on a going concern basis.
During the year, the rating agency CARE has revised the rating from CARE B/CARE A4 to CARE D/CARE D for the Company’s long term/short term bank facilities.
FUTURE OUTLOOK
The Company is evaluating various options of unlocking the value of businesses and deleveraging plans to address the resource constraints, support debt structuring and improve operations of the Company. The Company is also taking initiatives and evaluating various opportunities to emerge out of the challenges such as (a) Rationalization of unviable Business lines including supply chain operations and focus on core business with orientation towards branded sales, (b) Sales of non-core/strategic investment assets, (c) Right sizing of manpower and administrative costs, (d) Strategy for reducing fixed cost and make it more variable as possible, more particularly in crushing business, to make it viable and (e) Integration of functional operations, sales force optimization and IT cost rationalization.
The Company is also taking steps to utilise surplus manufacturing capacities by processing for third parties to ensure better capacity utilization, boost employee morale, recover costs and improve margins. This will enable us to utilize unutilized and underutilized production capacity. With a firm and consistent focus on branded segment, the Company anticipates better operational performance in the current year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry structure and Development
The primary business of the Company is processing of oilseeds and refining of imported crude oil for edible use. The Company produces oil meal, food products from soya and value added products from downstream and upstream businesses. The company has an integrated value chain in palm and soya segments having a farm to fork business model. India is a USD 2 trillion economy with GDP growing at more than 7% and a population of over 1.2 Billion people. It is the world’s largest edible oil importer, with oil and oil seed turnover of USD 25 Billion and import-export turnover of around USD 13 Billion.
Edible Oil is an important component of household food basket. India is importing around 14 Million tonnes of edible oil per annum at the cost of approx. ` 70,000 crore (USD 11 Billion) per annum. The total production of edible oil in the country is around 9 Million MT, while the domestic requirement is around 23 Million MT. The demand-supply gap is bridged by imports.
Palm oil contributes 60% of vegetable oil import due to high productivity per hectare , proximity of exporting nations such as Malaysia and Indonesia and competitive pricing. However, the country’s edible oil imports have soared by almost 50% in the last five years, with import of palm oil growing by 25% and soya oil jumping by 300%.
Their export of Soybean Meal has gone up substantially higher at 9,16,306 MT (Valued approx. INR 22360.000 million) during 2016-17 as against 3,87,298 MT (valued approx. INR 13000.00 million) due to higher domestic soya seed production than the previous year.
INDUSTRY OUTLOOK
Consumption Growth
As per the industry sources, India’s consumption growth is pegged at 5% p.a and the country is expected to be consuming around 34 Million tonnes of edible oil by 2025, with a projected vegetable oil imports bill of US$25 Billion. The growth in consumption presents an opportunity to build around a sustainable business model to participate in the import and domestic production to capitalise the business prospects.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment
liabilities |
|
|
|
Deferred Sales Tax Liability |
586.175 |
601.284 |
|
Cumulative
Redeemable Preference Shares |
|
|
|
2,00,000 of face value of INR 100 each fully paid-up |
20.000 |
20.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks/Financial Institutions |
5663.469 |
18025.870 |
|
|
|
|
|
Total |
6269.644 |
18647.154 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
30248.350 |
30887.629 |
93748.054 |
|
Other Operating Income |
251.094 |
34.744 |
475.535 |
|
Total
Income from Operations |
30499.444 |
30922.373 |
94223.589 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
24767.254 |
22692.853 |
69593.740 |
|
Purchase of Stock in Trade |
2166.038 |
3374.594 |
12537.195 |
|
Changes in inventories of finished goods and
work-in-progress |
(285.999) |
531.437 |
526.283 |
|
Employee benefits expense |
406.910 |
473.397 |
1241.556 |
|
Finance Costs (net) |
3233.161 |
2994.843 |
8197.310 |
|
Provision for financial guarantee obligation |
-- |
665.895 |
665.895 |
|
Depreciation and Amortization expenses |
350.696 |
355.408 |
1058.153 |
|
Provision for doubtful debts and advances and bad debts |
16678.478 |
28262.407 |
47694.263 |
|
Other Expenditure |
2749.001 |
3055.374 |
8418.369 |
|
Total
Expenses |
50065.539 |
62496.208 |
149932.764 |
|
Profit / (Loss) before Tax |
(19566.095) |
(31483.835) |
(55709.175) |
|
Tax Expense |
(0.103) |
(2656.726) |
(4453.698) |
|
Profit
/ (Loss) after Tax |
(19565.992) |
(28827.109) |
(51255.477) |
|
Other
comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
40.593 |
27.360 |
38.317 |
|
Tax relating to above items |
-- |
(4.609) |
-- |
|
Total
comprehensive income/(Loss) or the period |
(19525.399) |
(28804.358) |
(51217.160) |
|
Paid
up equity share capital (Net of treasury shares) [INR 2.00/-] |
652.941 |
652.941 |
652.941 |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
-
Basic |
(59.93) |
(88.35) |
(5.78) |
|
-
Diluted
|
(59.93) |
(88.35) |
(5.78) |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Oils |
25916.915 |
24689.784 |
77753.989 |
|
b)
Vanaspati |
1790.481 |
2198.434 |
5779.570 |
|
c)
Seed extractions |
5411.935 |
6282.030 |
17009.725 |
|
d)
Food products |
1208.078 |
1541.067 |
4092.044 |
|
e)
Wood turbine power generation |
98.507 |
178.515 |
478.953 |
|
f)
Others |
779.903 |
1610.728 |
3733.462 |
|
Total segment
revenue |
35205.819 |
36503.558 |
108847.743 |
|
Less: Inter –
segment revenue |
4957.469 |
5615.929 |
15099.689 |
|
Total income
from operations (net sales) |
30248.350 |
30887.629 |
93748.054 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Oils |
351.300 |
546.624 |
1017.796 |
|
b)
Vanaspati |
5.422 |
8.832 |
20.122 |
|
c)
Seed extractions |
18.143 |
49.631 |
93.937 |
|
d)
Food products |
17.116 |
39.883 |
88.324 |
|
e)
Wood turbine power generation |
4.015 |
106.736 |
238.370 |
|
f)
Others |
(230.617) |
(320.613) |
(815.000) |
|
Total segment
results |
165.379 |
431.093 |
643.549 |
|
(Add)/Less:
Finance Costs |
3233.161 |
2994.843 |
8197.310 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
(180.166) |
(8.217) |
(204.745) |
|
Financial guarantee
obligation and others |
16678.479 |
28928.302 |
48360.159 |
|
Total Profit
Before Tax |
(19566.095) |
(31483.835) |
(55709.175) |
|
|
|
|
|
|
3. Segment
Assets |
|
|
|
|
a)
Oils |
20520.473 |
21939.355 |
20520.473 |
|
b)
Vanaspati |
1875.348 |
2648.309 |
1875.348 |
|
c)
Seed extractions |
8489.004 |
10030.017 |
8489.004 |
|
d)
Food products |
1446.788 |
1726.708 |
1446.788 |
|
e)
Wood turbine power generation |
3906.080 |
4132.067 |
3906.080 |
|
f)
Others |
4796.725 |
17019.873 |
4796.725 |
|
g)
Unallocated |
38634.363 |
40208.868 |
38634.363 |
|
Total Segment
Assets |
79668.781 |
977052.197 |
79668.781 |
|
|
|
|
|
|
4. Segment
Liabilities |
|
|
|
|
a)
Oils |
40407.934 |
40974.420 |
40407.934 |
|
b)
Vanaspati |
1.238 |
1.404 |
1.238 |
|
c)
Seed extractions |
661.217 |
521.655 |
561.217 |
|
d)
Food products |
34.039 |
27.948 |
34.039 |
|
e)
Wood turbine power generation |
0.000 |
0.000 |
0.000 |
|
f)
Others |
4520.402 |
4461.363 |
4520.402 |
|
g)
Unallocated |
75024.919 |
73179.398 |
75024.919 |
|
Total Segment
Liabilities |
120649.749 |
219166.188 |
120649.749 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G72687916 |
10618367 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
28/01/2016 |
22/03/2017 |
- |
2000000000.0 |
EDELWEISS HOUSE, OFF. C.S.T ROAD,KALINA,MUMBAIMA400098IN |
|
2 |
C59548057 |
10581365 |
STANDARD CHARTERED BANK |
30/06/2015 |
- |
- |
1015690500.0 |
19, RAJAJI SALAICHENNAITN600001IN |
|
3 |
C59977850 |
10569814 |
STATE BANK OF INDIA |
30/04/2015 |
24/07/2015 |
- |
600000000.0 |
COMMERCIAL BRANCH, A.B. ROADNEAR GPOINDOREMP452001IN |
|
4 |
C35441534 |
10534007 |
AXIS BANK LIMITED |
18/11/2014 |
- |
- |
1800000000.0 |
'TRISHUL', 3RD FLOOR , OPPOSITE SMARTHESHWARTEMPLE, LAW GARDEN, ELLIS BRIDGE,AHEMDABADGJ380006IN |
|
5 |
C78051729 |
10512373 |
STANDARD CHARTERED BANK |
31/07/2014 |
28/01/2016 |
- |
2655000000.0 |
NARAIN MANZIL 23,BARAKHAMBA ROADNEW DELHIDL110001IN |
|
6 |
C03965878 |
10494305 |
STATE BANK OF INDIA |
29/03/2014 |
- |
- |
3000000000.0 |
COMMERCIAL BRANCH, A. B. ROADNEAR GPOINDOREMP452001IN |
|
7 |
B73253957 |
10419930 |
STATE BANK OF INDIA |
22/03/2013 |
- |
- |
3650000000.0 |
COMMERCIAL BRANCHA. B ROAD, NEAR GPOINDOREMP452001IN |
|
8 |
B61783767 |
10386062 |
STATE BANK OF INDIA |
19/10/2012 |
- |
- |
2650000000.0 |
COMMERCIAL BRANCHA. B. ROAD, NEAR G.P.O.INDOREMP452001IN |
|
9 |
B56697717 |
10373592 |
DBS BANK LTD. |
30/08/2012 |
- |
- |
1669455000.0 |
3RD FLOOR, FORT HOUSE,221, DR. D. N. ROAD, FORTMUMBAIMH400001IN |
|
10 |
B45343043 |
10370275 |
DBS BANK LTD. |
09/08/2012 |
- |
- |
1102900000.0 |
3RD FLOOR, FORT HOUSE,221, DR. D. N. ROAD, FORTMUMBAIMH400001IN |
FIXED ASSETS:
·
· Lease hold Land
· Buildings
· Plant and Machinery
· Windmills
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Trade Marks
· Computer Software
PRESS RELEASES
DEBT-LADEN RUCHI SOYA
ATTRACTS BIDS UP TO INR 100000.000 MILLION FOR 51% STAKE
Mumbai, March 15
Debt-ridden Ruchi Soya Industries Ltd (RSIL), which is currently undergoing bankruptcy proceedings, has received a whopping 26 applications from Indian and foreign conglomerates to acquire a 51 per cent stake in the company. The bidders, according to sources, are quoting anywhere between ₹8,000 crore and ₹10,000 crore for the majority stake in India’s largest edible oil-maker.
This could be perhaps the largest number of bidders for a company that is undergoing the process of debt restructuring under the National Company Law Tribunal (NCLT). RSIL was expecting to complete the deal by June, one of the sources said.
A number of Indian and multinational companies have shown interest in the beleaguered firm. They include firms such as ITC, Patanjali Ayurved, Emami Group, Sakuma Exports, Phoenix ARC, AION Capital Partners, 3F Oil Palm Agrotech and Singapore-based Musim Mas.
Global investment firm Kohlberg Kravis Roberts (KKR), Indian subsidiary of US-based Cargill Corp, Singaporean palm oil company Golden-Agri Resources and Malaysia’s Sime Darby Bhd are in the race.
While a mail sent to RSIL went unanswered on Thursday, all the companies in the list could not be immediately contacted.
IMPORT DUTY HIKE
According to sources, the sheer number of investors interested in the company has led to an increase in optimism among bankers, who now hope of recovering their entire loans. The bidders are bullish on the sector, especially after the government raised import duties on certain vegetable oils to check their shipments into the country.
The government in its Budget announcement on February 1, hiked the import duties to 30-35 per cent from the earlier 20 per cent.
Ruchi Soya, the largest player in oil seed extraction in the country with a 3.72-mtpa capacity, had a total debt of about ₹12,000 crore as of December 31, 2017.
Its brand portfolio includes Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star, while the company is also the largest player in the cooking oil and soya foods category in India.
In December 2017, NCLT’s Mumbai bench admitted Ruchi Soya’s Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, following petitions by Standard Chartered Bank and DBS Bank.
Last year, Ruchi Soya announced a 51 per cent stake sale to private equity major Devonshire Capital for about INR 40000.000 million. However, with the NCLT admitting the case the Devonshire deal became “null and void”.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.